- ETH price gained momentum and traded to a new monthly high at $210 against the US Dollar.
- The price corrected lower, but it remains well supported on the downside near $192.
- Yesterday’s highlighted key bullish trend line is active with support near $192 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is likely to climb above the $205 and $210 resistance levels in the near term.
Ethereum price climbed above $200 once again versus the US Dollar after bitcoin broke $8,000. ETH price is in a nice uptrend and it may soon break the $210 swing high.
Ethereum Price Analysis
In the past three sessions, Ethereum price gained momentum above the $192 and $195 resistances against the US Dollar. The ETH/USD pair even broke the $200 resistance level and settled well above the 100 hourly simple moving average. The main driving force was bitcoin, climbing above the $7,800 and $8,000 resistance levels. Ether too gained traction and traded to a new monthly high above the $205 level. A swing high was formed near $210 before the price corrected lower.
It traded below the $205 and $200 levels, but the bulls remained in control. The price tested the $192 level and it is currently moving higher. An immediate resistance is $200, and the 50% Fib retracement level of the recent drop $210 high to $192 low. However, the main resistance is near the $204 level. If there is a proper close above $204, the price might break $205. The $205 level represents the 76.4% Fib retracement level of the recent drop $210 high to $192 low. The next resistance is near $210, above which the price is likely to climb higher towards $220.
If there are further gains, the price is likely surge higher towards the $230 level. On the downside, there is a decent support is near the $195 and $192 levels. Moreover, yesterday’s highlighted key bullish trend line is active with support near $192 on the hourly chart of ETH/USD. The key support is near $185 and the 100 hourly SMA.
Looking at the chart, Ethereum price is slowly gaining traction above the $198 and $200 levels. A clear break above the $205 level is likely to set the pace for more gains above the $220 level in the near term. If there is a downside correction, the price is likely to find bids near the $195 and $192 levels.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is about to gain traction in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently well above the 50 level, with a positive bias.
Major Support Level – $192
Major Resistance Level – $205